UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-QSB
[X] Quarterly Report pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
For the quarterly period ended March 31, 2006
[ ] Transition Report pursuant to 13 or 15(d) of the Securities
Exchange Act of 1934
For the transition period to
Commission File No. 0-13337
ADVANCED BATTERY TECHNOLOGIES, INC.
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(Name of Small Business Issuer in Its Charter)
DELAWARE 22-2497491
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(State or other jurisdiction of (I.R.S. Employer
incorporation or organization) Identification No.)
136-14 Northern Blvd., Suite 8E, Flushing, NY 11354
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(Address of principal executive offices)
718-359-6866
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(Issuer's telephone number, including area code)
Check whether the issuer (1) filed all reports required to be filed by
Section 13 or 15(d) of the Exchange Act during the past 12 months (or
for such shorter period that the registrant was required to file such
reports); and (2) has been subject to such filing requirements for the
past 90 days. Yes [X] No [ ]
Indicate by check mark whether the registrant is a shell company (as
defined in Rule 12b-2 of the Exchange Act) Yes [ ] No [X]
The number of shares outstanding of each of the issuer's class of
equity as of the latest practicable date is stated below:
Title of each class of Common Stock Outstanding as of May 12 , 2006
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Common Stock, $0.001 par value 49,127,688
Transitional Small Business Disclosure Format(check one): Yes [ ] No [X]
PART I - FINANCIAL INFORMATION
ADVANCED BATTERY TECHNOLOGIES, INC.
CONSOLIDATED BALANCE SHEET
March 31, 2006
(Unaudited)
-----------------
ASSETS
Current assets
Cash and cash equivalents 3,817
Accounts receivable 2,189,472
Tax receivable 206,699
Inventories 310,408
Prepayments, deposits and other receivable 911,590
----------
Total current assets 3,621,986
Property, plant and equipment, net 7,846,099
Construction in process 3,955,708
Deposits for acquisition of property, plant and
equipment 1,828
Rights to use land and power, net 422,588
Patents, net 109,859
Prepaid expenses 1,388,305
----------
Total assets 17,346,373
==========
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities
Accounts payable 526,268
Accrued expenses and other payable 992,947
Short-term bank and other borrowing (Note 7) 4,111,412
Customer deposits 200,021
Welfare payable 134,743
----------
Total current liabilities 5,965,391
----------
Stockholders' equity
Common stock (Note 8) 41,578
Additional paid-in capital (Note 9) 13,830,986
Accumulated deficit (2,653,108)
Accumulated other comprehensive income 161,526
----------
Total stockholders' equity 11,380,982
----------
Total liabilities and stockholders' equity 17,346,373
==========
See the accompanying notes to the unaudited consolidated financial
statements
-2-
ADVANCED BATTERY TECHNOLOGIES, INC.
CONSOLIDATED STATEMENTS OF OPERATIONS
Three months ended March 31,
2006 2005
------------- ------------
(Unaudited) (Unaudited)
Revenue 1,908,997 31,407
Cost of sales (1,206,820) (24,165)
--------- ---------
Gross profit 702,177 7,242
Other income - 801
Selling expenses (8,617) (2,996)
General and administrative expenses (336,552) (441,839)
Interest expense (60,888) (48,716)
--------- ---------
Income/(loss) before minority interests 296,120 (485,508)
Minority interests - 49,217
--------- ---------
Net income/(loss) 296,120 (436,291)
========= =========
Net income/(loss) per share -
Basic and diluted (Note 10) 0.007 (0.020)
========= =========
See the accompanying notes to the unaudited consolidated financial statements
-3-
ADVANCED BATTERY TECHNOLOGIES, INC.
CONSOLIDATED STATEMENTS OF CASH FLOWS
Three months ended March 31,
2006 2005
------------- ------------
(Unaudited) (Unaudited)
Cash flows from operating activities :
Net income/(loss) 296,120 (436,291)
Adjustments to reconcile net income/(loss)
to net cash provided by/(used in)
operating activities :
Depreciation and amortization 204,702 49,896
Amortization of prepaid expenses 88,754 321,452
Amortization of stock compensation 50,600 -
Minority interests - (49,217)
Changes in operating assets and liabilities:
Increase in accounts receivable (221,171) -
Increase in tax receivable (206,699) -
Decrease/(increase)in inventories 72,062 (23,454)
(Increase)/decrease in prepayments,
deposits and other receivable (11,474) 33,241
Decrease in accounts payable, accrued
expenses and other payable (353,719) (7,861)
Increase/(decrease) in customer deposits 77,026 (31,636)
Increase in welfare payable 16,766 8,014
--------- ---------
Net cash provided by/(used in) operating
activities 12,967 (135,856)
--------- ---------
Cash flows from investing activities :
Purchase of property, plant and equipment (3,193) (346,979)
Additions to construction in process - (1,854,355)
--------- ---------
Net cash used in investing activities (3,193) (2,201,334)
--------- ---------
Cash flows from financing activities :
Net proceeds from issuance of common stocks - 1,691,542
Decrease in loan payable (21,359) (2,707)
Decrease in car loan (2,324) (1,862)
--------- ---------
Net cash (used in)/provided by financing
activities (23,683) 1,686,973
--------- ---------
Net decrease in cash and cash equivalents (13,909) (650,217)
Effect of foreign exchange rate changes 18 2,116
Cash and cash equivalents, beginning of
period 17,708 758,015
--------- ---------
Cash and cash equivalents, end of period 3,817 109,914
========= =========
See the accompanying notes to the unaudited consolidated financial statements
-4-
ADVANCED BATTERY TECHNOLOGIES, INC.
NOTES TO UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS
1. DESCRIPTION OF THE COMPANY
Advanced Battery Technologies, Inc. ("ABAT" or the "Company) was
incorporated in the State of Delaware on January 16, 1984.
The Company is engaged in the business of designing,
manufacturing and marketing of rechargeable polymer lithium-ion
batteries through its subsidiaries, Cashtech Investment Limited
("Cashtech") and Heilongjiang Zhong Qiang Power-Tech Co., Ltd.
("ZQ Power-Tech"). Cashtech is a British Virgin Islands
corporation and ZQ Power-Tech is a limited liability company
established in the People's Republic of China (the "PRC") in
which Cashtech originally owned 70% interest as of December 31,
2005. On January 6, 2006, Mr. Zhiguo Fu ("Mr. Fu"), the chairman
of ABAT, transferred to Cashtech shares of ZQ Power-Tech
representing 30% of the outstanding shares of ZQ Power-Tech. As
a result of the transfer, Cashtech now owns 100% of the capital
stock of ZQ Power-Tech. Details of the transaction are set out
in note 5.
2. BASIS OF PRESENTATION
(i) The accompanying consolidated financial statements of the
Company and its subsidiaries (the "Group") have been
prepared in accordance with generally accepted accounting
principles in the United States of America for interim
consolidated financial information. Accordingly, they do
not include all the information and notes necessary for
comprehensive consolidated financial statements.
In the opinion of the management of ABAT, all adjustments
necessary for a fair presentation of the financial position
and the results of operations and cash flows for the
interim periods have been included. Interim results are
not necessarily indicative of results for a full year.
(ii) The Group has accumulated deficit as at March 31, 2006.
However, based on the substantial backlog of orders of
approximately USD3.7 million that the Group has accumulated
and the Group had attained net income for the current
interim period which indicated an improvement to the
current operations, the management of the Group believes
that the backlog of orders and improved operation results
will generate sufficient revenue and cash flows to enable
the Group to continue as a going concern.
3. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
The accounting policies followed by the Company are set forth in
the section "Summary of significant accounting policies" of the
consolidated financial statements of the Company included in the
Company's Form 10-KSB submitted to the United States Securities
and Exchange Commission on April 14, 2006.
-5-
ADVANCED BATTERY TECHNOLOGIES, INC.
NOTES TO UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS
3. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CON'D)
Recent accounting pronouncements
In February 2006, the Financial Accounting Standards Board issued
SFAS No. 155, Accounting for Certain Hybrid Financial Instruments,
which amends SFAS No. 133, Accounting for Derivative Instruments
and Hedging Activities ("SFAS No. 155"), and SFAS No. 140,
Accounting for Transfers and Servicing of Financial Assets and
Extinguishments of Liabilities. SFAS No. 155 simplifies the
accounting for certain derivatives embedded in other financial
instruments by allowing them to be accounted for as a whole if
the holder elects to account for the whole instrument on a fair
value basis. SFAS No. 155 also clarifies and amends certain
other provisions of SFAS No. 133 and SFAS No. 140. SFAS No. 155
is effective for all financial instruments acquired, issued or
subject to a remeasurement event occurring in fiscal years
beginning after September 15, 2006. Earlier adoption is
permitted, provided the Company has not yet issued financial
statements, including for interim periods, for that fiscal year.
We do not expect the adoption of SFAS No. 155 to have a material
impact on our consolidated financial position, results of
operations or cash flows as the Company currently has no
financial instruments within the scope of SFAS No. 155.
4. INCOME TAXES
No provision for income tax is made as the Company's operating
subsidiary in the PRC is entitled to an income tax holiday. The
subsidiary is eligible to the income tax holiday of 2 years
commencing from its first profit-making year.
5. ACQUSITION OF MINORITY INTERESTS IN ZQ POWER-TECH
As mentioned in note 1, Mr. Fu transferred his 30% interest in ZQ
Power-Tech to Cashtech in exchange for 11,780,594 shares of the
Company's common stock.
The amount of USD1,865,456, which represents the share of net assets
by Mr. Fu in ZQ Power-Tech in excess of par value of the shares
issued, was included in additional paid-in capital.
-6-
ADVANCED BATTERY TECHNOLOGIES, INC.
NOTES TO UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS
6. ACQUISITION OF A PATENT
On January 10, 2006, ABAT issued 4,400,000 shares of common stock to
Mr. Fu in return for a patent transferred to ZQ Power-Tech by him.
The patent was recognized at the par value of the shares issued due
to the nature of transaction being between related parties.
7. SHORT-TERM BANK AND OTHER BORROWINGS
Short-term bank and other borrowings consist of the following:
USD
Bank borrowings (Note 7(i)) 3,362,850
Loan payable (Note 7(ii)) 373,650
Other loan payable (Note 7(iii)) 374,912
---------
4,111,412
=========
(i) The bank loans have maturity of less than one year from
March 31, 2006 and are secured by the Group's buildings and
right to use land. Loan amounts of USD2,491,000,
USD622,750 and USD249,100 bear interest at 8.064%, 6.045%
and 5.655% per annum respectively.
(ii) The loan payable represents an interest-free and unsecured
demand loan from Shuangcheng National Owned Assets
Operation Ltd. with a fixed term of repayment.
(iii) The other loans are due to non-related third parties and
are interest-free, unsecured and repayable on demand.
8. COMMON STOCK
No. of shares Amount
USD
Authorized :-
Common stock at USD0.001 par value 60,000,000 60,000
========== ======
Issued and outstanding :-
At January 1, 2006 25,337,116 25,337
Shares issued for acquisition of
minority interests in ZQ Power-
Tech (Note 5) 11,780,594 11,781
Shares issued for acquisition of a
patent (Note 7(i)) 4,400,000 4,400
Shares issued to consultants
(Note 7(ii)) 60,000 60
----------- ------
At March 31, 2006 41,577,710 41,578
=========== ======
Notes :-
(i) 60,000 shares of common stock were issued as full
compensation to three consultants for the provision of
research and development services to the Company. An
amount of USD34,740, which represents the aggregate fair
value of the shares in excess of par value, was included in
additional paid-in capital.
-9-
ADVANCED BATTERY TECHNOLOGIES, INC.
NOTES TO UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS
9. ADDITIONAL PAID-IN CAPITAL
Included in the additional paid-in capital are :-
(i) An amount of USD1,865,456 which relates to the acquisition
of minority interests in ZQ Power-Tech (Note 5); and
(ii) An amount of USD34,740 which relates to the issuance of
shares to consultants (Note 8(i); and
(iii) A debit balance of USD1,855,333 which represents the balance of
unamortized stock compensation. Following the adoption of
FAS123R, any unearned stock compensation should be netted
against additional paid-in capital and be amortized over the
remaining period with a debit to statement of operations as
amortization expenses and a credit to additional paid-in
capital.
10. NET INCOME/(LOSS) PER SHARE - BASIC AND DILUTED
The basic and diluted net income/(loss) per share is calculated
using the net income/(loss) and the weighted average number of
common stock outstanding during both interim periods. The
Company has no dilutive instruments and accordingly, the basic
and diluted net income/(loss) per share are the same.
Three months ended March 31,
2006 2005
Net income/(loss) USD296,120 USD(436,291)
========== ===========
Weighted average number of shares
outstanding 40,272,782 21,851,316
========== ==========
Net income/(loss) per share USD0.007 USD(0.020)
========== ==========
11. SUPPLEMENTAL CASH FLOW INFORMATION
Three months ended March 31,
2006 2005
USD USD
Interest paid 60,888 48,716
Income taxes 206,699 -
Other than the above-mentioned information, during the three
months ended March 31, 2006, there were non-cash transactions
regarding the issuance of the Company's common stock for the
acquisitions of minority interests in ZQ Power-Tech (Note 5)
and a patent (Note 6), and provision of services by certain
consultants (Note 8(i)) respectively.
-10-
ADVANCED BATTERY TECHNOLOGIES, INC.
NOTES TO UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS
12. EQUITY INCENTIVE PLAN
(i) The Company adopted the 2004 Equity Incentive Plan (the
"Plan") on August 24, 2004. The purpose of the Plan is to
promote the success and enhance the value of the Company by
linking the personal interests of the participants of the
Plan (the "Participants") to those of the Company's
shareholders, and by providing the Participants with an
incentive for outstanding performance. The Plan is further
intended to attract and retain the services of the
Participants upon whose judgment, interest, and special
efforts the successful operation of the Group is dependent.
The Company has reserved 5,000,000 shares of common stock
for the options and awards under the Plan.
Subject to the terms and provisions of the Plan, the Board
of Directors, at any time and from time to time, may grant
shares of stock to eligible persons in such amounts and
upon such terms and conditions as the Board of Directors
shall determine.
The Committee appointed by the Board of Directors to
administer the Plan shall have the authority to determine
all matters relating to the options to be granted under the
Plan including selection of the individuals to be granted
awards or stock options, the number of stocks, the date,
the termination of the stock options or awards, the stock
option term, vesting schedules and all other terms and
conditions thereof.
(ii) The Company adopted the 2006 Equity Incentive Plan after
the balance sheet date and the form S-8 was filed with the
Securities and Exchange Commission on April 24, 2006.
(iii) The 60,000 shares of common stock entitled by the
consultants as disclosed in note 8(i) were issued under
the Plan.
(iv) Other than the transaction as detailed in note 12(iii), no
options or awards have been made, exercised or lapsed
during the three months ended March 31, 2006.
13. COMMITMENTS
At March 31, 2006, the Group had agreed to pay USD136,356 to
Harbin Institute of Technology for the research and development
of polymer lithium-ion batteries for motor vehicles.
14. WARRANTIES
The Group warrants that all batteries manufactured by it will be
free from defects in material and workmanship under normal use
for a period of one year from the date of shipment. The Group's
experience for costs and expenses in connection with such
warranties has been minimal and during the three months ended
March 31, 2006, no amounts have been considered necessary to
reserve for warranty costs.
-11-
ADVANCED BATTERY TECHNOLOGIES, INC.
NOTES TO UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS
15. RELATED PARTY TRANSACTIONS
Apart from the acquisitions of minority interests in ZQ Power-Tech
and a patent from Mr. Fu as referred to in notes 5 and 6
respectively, during the period ended March 31, 2006, the Group
had no other material transactions with its related parties.
Item 1. Management's Discussion and Analysis or Plan of Operation
Forward Looking Statements
The information in this discussion contains forward-looking
statements within the meaning of Section 27A of the Securities Act of
1933, as amended, and Section 21E of the Securities Exchange Act of
1934, as amended. These forward-looking statements include statements
regarding our capital needs, business strategy and expectations. Any
statements contained herein that are not statements of historical facts
may be deemed to be forward-looking statements. Readers are cautioned
that there are risks and uncertainties which may cause actual future
results to differ from the results anticipated in these forward-looking
statements. A detailed discussion of some of the risks that may cause
such a difference has been set forth in the Company's Annual Report on
Form 10-KSB for the year ended December 31, 2005 in the section
numbered "Item 6" under the heading "Risk Factors That May Affect
Future Results." Readers are cautioned not to place undue reliance on
these forward-looking statements, which reflect management's opinions
only as of the date hereof. We disclaim any obligation to publicly
update these statements, or disclose any difference between its actual
results and those reflected in these statements.
Results of Operations
During the year ended December 31, 2003 ZQ Power-Tech's
activities were focused on development of its product line and the
build-out of its manufacturing facility. ZQ Power-Tech recorded its
first significant revenues in the first half of 2004, ending June 30,
2004. For that six month period, it recorded sales totaling $968,675.
The Company's level of sales fell in the second half of 2004 to
$222,834. The reduction occurred primarily because the Company
obtained the financing needed to complete additional factory facilities
at ZQ Power-Tech's campus in Heilongjiang. Production was reduced to
minimal or none, as management focused on doubling the Company's
production capacity and training the necessary personnel. Between 2004
and the end of 2005, the number of employees at our facility increased
from 300 to 1260, as we more than doubled our production capacity to
its current level of $40 million per year. We now have two buildings
("A" and "B") in full production, and continue to outfit buildings "C"
and "D."
-12-
In the fall of 2005 we returned to full production, shipping
$2,618,165 of product in that quarter, to produce total revenues in
2005 of $4,222,960. Our increased level of activity continued into the
first quarter of 2006, during which we recorded $1,908,997 in revenue.
By comparison, our revenue during the first quarter of 2005 was only
$31,407, as we were focused on building our facility at that time.
Since we currently have a backlog of approximately $3.7 million, we
expect to maintain the level of operations that we achieved in the first
quarter of 2006. We do not include in our current backlog the $21
million order placed by Aiyingsi in 2004, since the delivery times for
that order have been delayed indefinitely.
ZQ Power-Tech realized a 37% gross margin on its sales in the
three months ended March 31, 2006, an improvement over the 33% ratio
that we realized in 2005. Our gross margin ratio in the future will
depend considerably upon which of ZQ Power-Tech's products are
dominating sales. However we do expect our operations in 2006 and
beyond to be more efficient than they have been in the past, as we are
implementing advanced production management systems. We are also
gaining experience with our new production lines, which is enabling us
to improve the efficiency of the lines and to discover lower-cost
sources of raw materials for our products.
Our general and administrative expense fell from $441,839 in the
first quarter of 2005 to $336,552 (18% of revenue) in the first quarter
of 2006. The reduction reflected, in part, our efforts to increase
efficiencies in our operations. The greatest part of the reduction,
however, was attributable to the fact that general and administrative
expense in 2004 included a non-cash expense of $321,452 attributable to
amortization of prepaid consulting fees that were paid by issuing
common stock to the consultants. At March 31, 2006 there remained
$1,388,305 in prepaid expenses on the Company's balance sheets, which
were primarily attributable to prepaid consulting fees to the Company's
consultants. We amortized $139,354 of prepaid expenses and
stock compensation during the first quarter of 2006 and will amortize
the remainder over the next few years.
The Company's revenue less expenses produced an income of $296,120,
compared to a net loss before minority interests of $485,508 in the
first quarter of 2005. In 2005, however, Advanced Battery owned only
70% of ZQ Power-Tech. For that reason, our net loss for the three months
ended March 31, 2005 was reduced by $49,217, representing the 30% of the net
loss of ZQ Power-Tech that we did not own. In January 2006 our Chairman, Fu
Zhiguo, transferred the remaining 30% of ZQ Power-Tech into the Company's
control. In 2006 and hereafter, therefore, we will be able to include 100%
of the net income of ZQ Power-Tech in the net income for Advanced Battery
Technologies.
-13-
Liquidity and Capital Resources
Until December 2004, the development and initial operations of ZQ
Power-Tech were financed primarily by contributions to capital made by
Fu Zhiguo, the Company's Chairman. On December 1, 2004, ZQ Power-Tech
entered into a Loan Agreement with China Financial Bank, and received a
loan of 20 million RMB (approximately $2.4 million). The Loan
Agreement required that half of the principal be paid in a balloon in
November 2005 and half in November 2006. Interest at 8.064% per annum
is payable monthly. $1.9 million of the obligation is secured by a
pledge of ZQ Power-Tech's manufacturing facilities; the remainder of
the debt is secured by a pledge of our realty assets. After the end of
2005 we refinanced the loan with China Financial Bank, so that the
entire amount is now due in November 2006.
At March 31, 2006 the Company had a working capital deficit of
$2,343,405, an improvement of $578,838 since December 31, 2005. The
primary reason for the decrease in the deficit was the fact that we
used the net income in the first quarter to reduce our accounts payable
by 47%. In addition, we determined that we are entitled to a tax
refund of $206,699 from the government of China, which we expect to
receive this year.
Although our net income for the first quarter of 2006 was
$296,120, our operations provided only $12,967 in cash for the quarter,
compared to a reduction in cash of $135,856 in the first quarter of
2005. The primary reason for this disparity was the fact that our
accounts receivable increased during the quarter by nearly the amount
of our net income. As we seek new market share, we are tolerating
extended payments from a number of our customers, particularly our
primary distributor, who is allowed 120 days to pay its receivables.
For this reason, the growth in our net income will not produce a
proportionate increase in cash until we are able to secure better
payment terms from our customers.
Despite its negative working capital, ZQ Power-Tech has
sufficient liquidity to fund its near-term operations. The principal
capital resource available is $12,224,395 in property, plant and
equipment, construction in process, and real property rights, which ZQ
Power-Tech owns subject only to the China Financial Bank lien for $3.4
million. Based on the substantial backlog of orders that ZQ Power-Tech
has accumulated, it believes that additional secured financing will be
available to it on favorable terms when needed. Until then, if short-
term cash shortages occur, Mr. Fu has committed to provide financing as
needed.
Based upon the financial resources available to ZQ Power-Tech,
management believes that it has sufficient capital and liquidity to
sustain operations for the foreseeable future.
-14-
Item 3. Controls and Procedures
We carried out an evaluation, under the supervision and with the
participation of our management, including our Chief Executive Officer
and Chief Financial Officer, of the effectiveness of the design and
operation of our disclosure controls and procedures as of the end of
the period covered by this report. The evaluation was undertaken in
consultation with our accounting personnel. Based on that evaluation,
our Chief Executive Officer and Chief Financial Officer concluded that
our disclosure controls and procedures are currently effective to
ensure that information required to be disclosed by us in the reports
that we file or submit under the Securities Exchange Act of 1934 is
recorded, processed, summarized and reported within the time periods
specified in the Securities and Exchange Commission's rules and forms.
As we develop new business or if we engage in an extraordinary
transaction, we will review our disclosure controls and procedures and
make sure that they remain adequate.
There were no changes in the internal controls over our financial
reporting that occurred during the period covered by this report that
have materially affected, or are reasonably likely to materially affect,
our internal control over financial reporting.
PART II - OTHER INFORMATION
Item 1. Legal Proceedings
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds
In January 2006 the Company issued 11,780,594 shares of common
stock to Zhiguo Fu, its Chairman. The shares were issued in
consideration of the transfer by Mr. Fu to Cashtech Limited of a 30%
interest in ZQ Power-Tech. The sale was exempt pursuant to Section4(2)
of the Securities Act since the sale was not made in a public offering
and was made to an individual who had access to detailed information about
the Company and who was acquiring the shares for his own account. There
was no underwriter.
In January 2006 the Company issued 4,400,000 shares of common
stock to Zhiguo Fu, its Chairman. The shares were issued in
consideration of the transfer of a patent by Mr. Fu to ZQ Power-Tech.
The sale was exempt pursuant to Section4(2) of the Securities Act since
the sale was not made in a public offering and was made to an individual
who had access to detailed information about the Company and who was
acquiring the shares for his own account. There was no underwriter.
-15-
Item 3. Defaults Upon Senior Securities
Item 4. Submission of Matters To a Vote of Security Holders
Item 5. Other Information
Item 6. Exhibits
Exhibits
31.1 Certification of the Chief Executive Officer pursuant to
Section 302 of the Sarbanes-Oxley Act of 2002
31.2 Certification of the Chief Financial Officer pursuant to
Section 302 of the Sarbanes-Oxley Act of 2002.
32.1 Certification of the Chief Executive Officer pursuant to
Section 906 of the Sarbanes-Oxley Act of 2002.
32.2 Certification of the Chief Financial Officer pursuant to
Section 906 of the Sarbanes-Oxley Act of 2002.
SIGNATURES
In accordance with Section 13 or 15(d) of the Securities Exchange
Act of 1934, the Registrant caused this report to be signed on its
behalf by the undersigned, thereunto duly authorized.
ADVANCED BATTERY TECHNOLOGIES, INC.
Date: May 15, 2006 By: /s/ Zhiguo Fu
-------------------------------
Name: Zhiguo Fu
Title: Chief Executive Officer
Date: May 15, 2006 By: /s/ Guohua Wan
-------------------------------
Name: Guohua Wan
Title: Chief Financial Officer